Aecon Group Inc.'s joint venture with Dufferin Construction Company, a division of Holcim (Canada) Inc., has reached commercial and financial close for the Air Rail Link "spur line" and passenger station at Toronto Pearson International Airport. The project is valued at CA$128.6 million (US$125 million).

Financing for the project is provided by Canadian Imperial Bank of Commerce, Laurentian Bank of Canada, National Bank of Canada and The Toronto-Dominion Bank. National Bank Financial has acted as Financial Advisor for the project. The ARL "spur line" project is being executed as a design-build-finance project under the Ontario government's Alternative Financing and Procurement program.

The joint venture, will design, build and finance the three-kilometer (1.86-mile) elevated guideway connecting the existing Georgetown GO Transit line to Toronto Pearson, as well as a passenger station at Terminal 1. Aecon and Dufferin will commence construction in the spring of 2012, with completion of the ARL "spur line" and passenger station project scheduled for the summer of 2014.